---
title: "GSW real (TIPS) curve + breakeven inflation"
method: GET
path: "/api/v2/fixed-income/treasury/tips-curve"
tags: ["Fixed Income"]
---

# GSW real (TIPS) curve + breakeven inflation

`GET /api/v2/fixed-income/treasury/tips-curve`

The Federal Reserve Board GSW real (TIPS) yield curve + breakeven-inflation curve for one day: real zero/par/forward at 2Y-20Y, breakeven inflation at 2Y-20Y, and the 5y5y real forward + 5y5y forward breakeven. Omit date for the latest published curve (weekly), or pass date (YYYY-MM-DD) for on or before. NOTE: a Fed staff research product, NOT an official statistical release. Breakevens include an inflation-risk premium and a TIPS-vs-nominal liquidity differential - they are NOT pure inflation expectations.

## Query parameters

- `date` string, nullable — Curve date (YYYY-MM-DD). Omit for latest.

## Response `200`

Real + breakeven curve points and the 5y5y forwards.

- EnvelopeGswRealCurveData
  - `data` GswRealCurveData, required — The Fed Board GSW real (TIPS) yield + inflation-compensation curve for one day. A staff research product, NOT an official Federal Reserve statistical release. Breakevens include an inflation-risk premium and a TIPS-vs-nominal liquidity differential - they are NOT pure inflation expectations.
    - `date` string, required — Curve date (weekly-published, may lag a few business days).
    - `real_points` GswRealCurvePoint[], required
      - `tenor` string, required
      - `tenor_months` number, required
      - `real_zero` number, nullable — Real zero-coupon yield, continuously compounded (TIPSYxx).
      - `real_par` number, nullable — Real par yield (TIPSPYxx).
      - `real_forward` number, nullable — Real instantaneous forward (TIPSFxx).
    - `breakeven_points` BreakevenCurvePoint[], required
      - `tenor` string, required
      - `tenor_months` number, required
      - `breakeven` number, required — Breakeven inflation, continuously compounded (BKEVENxx).
    - `forward_5y5y_real` number, nullable — 5-year forward 5-year real rate (TIPS5F5).
    - `forward_breakeven_5y5y` number, nullable — 5-year forward 5-year breakeven inflation (BKEVEN5F05).
  - `meta` SugraMeta, required — Metadata attached to every /api/v1/* response envelope.
    - `endpoint` string, required — Requested endpoint path.
    - `data_time` string, required — ISO 8601 UTC timestamp of the source data, not of the request.
    - `response_time` string, required — ISO 8601 UTC timestamp when this response was produced.
    - `provider` string, required — API name and version.
    - `source` string, nullable — Identifier of the primary upstream source used for this response.
    - `attribution` string, nullable — Human-readable attribution mandated by an upstream source (e.g. a securities regulator or self-regulatory organization). Present only on responses whose source requires the owner and source to be clearly identified. Do not remove or alter it when using the response.
    - `fallback_used` boolean, nullable — True when the primary source failed and a fallback produced the data.
    - `fallback_chain` string[], nullable — Ordered list of sources attempted, in the order they were tried.
    - `cached` boolean, nullable — True when this response was served from the internal cache.
    - `stale` boolean, nullable — True when the cached response was returned after the upstream rate-limited or errored. Clients can use this to detect degraded data.

## Other responses

- `401` — Missing or invalid `x-api-key` header. JSON body with a stable `code` distinguishing `missing_api_key` (no header sent) from `invalid_api_key` (header sent, key not accepted); any other 401 source carries the generic `unauthorized` with its detail as `reason`. Plus `hint`. `plan` is always null on 401 - an unauthenticated request has no plan; quota exhaustion is 429, not 401.
- `422` — Validation Error
- `429` — Daily rate limit exceeded. Check `X-RateLimit-Reset` for the next window.
- `503` — Upstream source is temporarily unavailable. Retry after a short delay.

---

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